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Wednesday, 10 February 2016

STOCKS AND NIFTY WITNESSED THE DOWNTREND

Indian stocks fell more than
1% for a third consecutive session on Wednesday, pushing indices to their
lowest since May 2014. The Sensex ended down 262.08 points at 23758 and the Nifty
down 82.50 points at 7215.Banking stocks were the worst hit in trades today.
The Bank Nifty settled 1.93 & lower at 14588 while the PSU Bank Nifty a
sub-index of the state-run lenders, slumped 5.38 %.The PSU banking shares are
witnessing heavy selling after a string of public sector banks reported huge
losses on account of rising bad loans in the December quarter. Real estate,
auto and healthcare stocks also witnessed selling pressure. Heavy selling from
foreign institutional investors has also been weighing on Indian markets since
the start of this year. FIIs sold over Rs 11,000 crore of Indian shares in
January, the biggest in one month since 2008.From the Nifty-50 basket of
stocks, 37 stocks declined while 13 stocks advanced Infosys, M&M, Apollo
Tyre, CEAT, Hathway and SPARC are among the gainers, whereas Tata Motors, Adani
Ports, Dr.Reddy's and SBI are losing sheen on BSE. Indian Rupee opened flat at
67.90/$ in early trade on Wednesday as against the previous close of 67.90/$.
Today, the rupee movement will be in focus. In the Asian region, Asian stock
markets took another battering today, with Tokyo leading a day of sharp losses
as investors grow increasingly concerned about the world economy and the
possibility of a global recession. Among other Asian indices, Japan's Nikkei
was down 2.3 percent at 15,713.39 while Chinese markets are shut on account of
Lunar year celebrations. Aurobindo Pharma shares fell 11.34 % to Rs 659.
Company post the market hours on Tuesday reported better-than-expected net
profit of Rs 535 crore on sales of Rs 3432 crore.